US Government Unveils Ambitious Plan to Combat Corruption
Washington D.C. - The US government has launched a comprehensive strategy aimed at modernizing and coordinating its efforts to combat corruption globally.
A Three-Pillar Approach
The administration’s three-pillar approach focuses on:
- Modernizing, Coordinating, and Resourcing US Government Efforts: Enhance corruption-related research, data collection, and analysis to better understand and map corruption networks. Improve information sharing domestically and internationally, increase focus on transnational dimensions of corruption, organize and resource the fight against corruption, and integrate anti-corruption considerations into regional, thematic, and country-specific strategies.
- Curbing Illicit Finance: Target the US anti-money laundering regime by addressing deficiencies in collecting beneficial ownership information on anonymous shell companies. Work with allies and partners to address governance weaknesses and other deficiencies, tighten global regimes, increase information sharing and law enforcement cooperation, and prevent the establishment of new safe havens.
- Holding Corrupt Actors Accountable: Enforce existing rules using proven tools while working with Congress on new authorities. Continue and enhance strong enforcement efforts, apply existing laws with vigor, expand cooperation with additional jurisdictions, update tools available to hold corrupt actors accountable at home and abroad, and work with partners to create complementary regimes.
Key Objectives
Under each pillar, the administration has identified several key objectives:
- Pillar One:
- Finalize effective beneficial ownership regulations
- Build a database of the beneficial owners of certain companies
- Increase transparency in real estate transactions
- Pillar Two:
- Finalize regulations targeting those closest to real estate transactions
- Prescribe minimum reporting standards for investment advisors and equity funds
- Use existing authorities to bring aggressive enforcement action against money launderers
- Pillar Three:
- Continue vigorous pursuit of foreign bribery cases
- Work with Congress to criminalize the demand side of bribery by foreign public officials
- Strengthen the ability of foreign partner governments to pursue accountability in a just and equitable manner
A Commitment to Global Cooperation
“This comprehensive strategy is a critical step towards addressing the scourge of corruption globally,” said a senior administration official. “We are committed to working with our international partners to disrupt corrupt networks, hold accountable those who engage in corruption, and promote transparency and accountability worldwide.”
The US government’s anti-corruption strategy has been welcomed by civil society organizations and experts, who have called for increased cooperation and coordination among governments to combat the complex issue of corruption.